Because of the “ridiculous amount” of NFTs being minted, entrepreneur Gary Vaynerchuck argued that it’s unlikely for another market boom to happen.
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In this week’s newsletter, read about how nonfungible tokens (NFTs) hosted on the FTX exchange are now showing blank images. Check out how NFTs can solve diamond certification fraud and how the NFT space is held back by oversupply. In other news, find out how celebrities are facing a class-action lawsuit. And don’t forget this week’s Nifty News featuring classic media player Winamp adding support for NFTs.
NFTs hosted on the embattled FTX exchange have been affected by the collapse of the organization. After FTX filed for bankruptcy, its FTX.US domain was redirected to a page giving details on bankruptcy proceedings.
Because of this, the NFT hosted within the platform are now showing blank images instead of their original artworks. Owners of the NFTs are still able to see that the NFTs exist. However, the images cannot be seen when listing the NFTs for sale or even within their wallets.
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As diamond certificate fraud becomes more common, some believe that NFTs can be a good solution to combat the issue. Speaking with Cointelegraph, Diamond Dawn founder Mike Moldawsky said that diamond certification reports should be placed on a public blockchain, ensuring that the documents cannot be tampered with.
According to Moldawsky, a diamond certificate running on the Ethereum blockchain will ensure immutability, proof-of-ownership and visibility for consumers and retailers.
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Social media guru and NFT supporter Gary Vaynerchuck recently argued that oversupply, short-term greed and subpar projects are the cause of the falling NFT market in the last year. According to Vaynerchuck, the demand for NFTs will not be able to keep up with the high supply.
Because of the “ridiculous amount” of NFTs being minted, Vaynerchuck said that it’s unlikely for the NFT space to have another market boom, similar to 2021. However, the entrepreneur argues that there will be 1-3% of NFT projects that will survive to become the “Amazons and eBays” of the industry.
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The creators of the popular Bored Ape Yacht Club (BAYC) NFT collection and the crypto fintech firm Moonpay are facing a lawsuit for allegedly using celebrities to mislead consumers and promote NFTs.
Celebrities like Paris Hilton, Snoop Dogg, Justin Beiber and Madonna have been named as defendants in the class-action lawsuit. The suit was filed by John T. Jasnoch, claiming the crypto companies used their Hollywood connections to market digital assets without proper disclosure.
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Classic media player Winamp announced its support for Ethereum and Polygon-based music NFTs through its latest update. The music player has been around since 1997 and is known to support a wide range of file types. On the other hand, Crypto.com and Coca-Cola partnered to launch NFTs showing player heat maps during World Cup 2022 matches.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
